Cash is still king for small purchases — for now

Two out of three people still prefer using cash over credit cards for purchases under $5, but probably not for long, according to a report from CreditCards.com.

Not surprisingly, the younger you are, the more likely you are to use credit or debit cards.

51 percent of consumers ages 18 to 29 prefer plastic.

46 percent of those 18 to 49 prefer plastic.

Almost 80 percent of those 50 and older prefer cash.

Also, cash is preferred by almost 80 percent of rural cardholders, compared with 62 percent of city and suburban residents.

The online and cell phone survey, conducted in July by Princeton Survey Research Associates International, included 1,497 adults, 983 of whom had American Express, Visa, MasterCard or Discover credit cards.